Ethereum (ETH) co-founder Vitalik Buterin made exciting statements about the future of the network at the ETHGlobal Prague Conference at an event held in Prague.

Buterin announced that a number of innovations are on the way that will increase Ethereum's scalability and improve the functionality of the network.

Buterin stressed the importance of a balanced approach that prioritizes moderation over hasty implementations to ensure the stability and security of the network.

At this point, Buterin stated that a new plan is on the way to increase Ethereum's Layer 1 scalability tenfold, and that this step will make the network faster and more efficient.

The ETH founder drew attention to the current problems of the network and said that this step aims to provide a sustainable solution to the congestion caused by the slowdown.

Buterin added that this will happen over the next year or so, and will represent a 10x increase in Layer1’s scalability.

“Ethereum will expand Layer 1 (L1) by approximately tenfold in one year.”

This expected scalability increase is likely to reduce transaction fees and latency, making Ethereum more attractive to DeFi and NFT investors.

It is expected that the process explained by Vitalik Buterin will proceed smoothly, allowing Ethereum to reach more users on a global scale and having a positive impact on its price.

*This is not investment advice.

Continue Reading: Ethereum (ETH) Founder Vitalik Buterin Announces New Roadmap That Will Bring 10X Increase!